<p>Reading up on the CollegeBoard profiles of Columbia University, Carnegie Mellon University, and various other highly reputed institutions; it looks as though these massively expensive private schools give a massive amount of scholarship/grant money- not just loans.</p>
<p>According to CB, 92% of tuition at Columbia is covered by scholarships and grants. Am I wrong or are scholarships/grants AWARDED and therefore do not need to be paid back?</p>
<p>Additionally, CB also states that the average indebtedness at graduation from Carnegie is ~$30,000-- is this “graduation” after 4 years at the school or just one year?</p>
<p>Any help/clearing up/explaining would be much appreciated!</p>
<p>Grants and Scholarships DON’T get paid back.</p>
<p>The average indebtness at graduation (end of four years)</p>
<p>So is that scholarship/grant the average only for those who received them, or for every student who was accepted/enrolled?</p>
<p>Generally, the way these stats are reported is the percent who applied for aid, then percent who applied (and qualified) who received aid, then the average amount of aid for those who applied (and qualified) for aid. You can easily be misled into thinking that everyone receives this level of aid, but that would be wrong. People who have high earnings or don’t qualify for merit aid would not receive the same level of aid. It’s important to visit the school’s own website and try to determine, if possible, what level of aid you might qualify for. It’s usually helpful to know your FAFSA EFC, and IM (from college board’s calculator) first.</p>
<p>I think you are misinterpreting the numbers.</p>
<p>That 92% is not percent of tuition, it is percent of need. COA is $50K+, but if the school says you have only $10K of financial need, the most you will get is $10K.</p>
<p>And that number is only for those that receive scholarships and grants. My book says that Columbia only gives need-based scholarships and grants to 48% of freshmen.</p>